OREANDA-NEWS. January 22, 2015. In recent years,, by positioning the culture industry as a key sector for support, ICBC has continued to drive innovative integration of "culture + finance" to boost the growth of the culture industry, and popularize consumption of quality cultural products.

By the end of 2014, the Bank's outstanding on- and off-balance sheet funding for the culture industry exceeded RMB 200 billion, including an increment of RMB 50 billion recorded for the year, which was one of the fastest-growing business sectors by financing volume bank-wide. The Bank thus became China’s unrivaled industry leader in supporting the culture industry in terms of financing balance, incremental loans and increase rate for the year. While supporting major and leading cultural enterprises, ICBC has also actively implemented a strategy to prop up small and medium-sized ones. So far, it has provided over RMB 400-billion funding support to more than 5,000 cultural SMEs, with relevant financing balance accounting for over 80% of the total balance for the culture industry.

A Bank official said that the full range of "culture + finance" services relating to product, process and industrial chain has become a distinctive feature of the cooperation between the Bank and cultural enterprises. By targeting the characteristics of cultural enterprises including extensive and apparently differentiated demands for financial services, ICBC has developed exclusive financing products that fit the needs of various types of cultural enterprises, and met their diversified demands for financial services.

In particular, for the "asset-light" cultural and creative enterprises, the Bank mainly adopted two models to address asset issues. First, it treats creators and business operators as the core assets; focuses on auditing the management capability, experience, professional team and core staff ; and has supported the production of over 20 renowned films (including Tangshan Earthquake and The Bride With White Hair) by means of film packaging, collective lending, copyright pledge + guarantee of de facto controllers. Second, by centering on core enterprises, it has supported the cultural and creative SMEs at the upstream and downstream of the supply chain of these core enterprises. ICBC launched "Film and Television Express" to provide supply chain financing based on the accounts receivable due by TV stations to TV producers, and funded the production of more than 40 TV plays such as Borrow a Gun and The Mu Saga.

For enterprises with hardware asset and engaged in broadcast and culture & entertainment, the Bank has supported them to grow bigger and stronger by applying a series financial products from project loans, investment banking, settlement and cash management. It has successively funded cinema construction of Wanda Cinema Line Corporation, Jiahe China, and Shanghai Paradise Corporation Ltd.; and the construction of over 300 scenic spots including Jiuzhaigou Valley in Sichuan, Zhangjiajie in Hunan and Xixi Wetland in Zhejiang. In addition, by employing a variety of methods including debt financing instruments, investment banking and leasing, ICBC has offered customized financing support to OCT Group, Guangdong Chimelong Group, and the Hainan International Tourism Island, among others.

Moreover, the Bank has promoted cultural consumption via financial services by leveraging its advantages in channel and technology. For instance, it issued ICBC China Travel Card together with China UnionPay, and provided customers with favorable travel services comprising scenic spots, hotels, insurance and shopping; launched digital TV banking service by cooperating with the local cable TV network enterprises in Jiangsu, Zhejiang and Tianjin, making such service accessible on TV screens in these regions; and established a nationwide performing art ticket service and trading platform by working with Ticket China Co., Ltd., providing convenient ticket services for consumers.